State Street Global Advisors and Zhongrong International Trust launch China JV
29 July 2013
News, China, Global
By Asia Asset Management
State Street Global Advisors (SSGA) announced on July 26 the launch of a joint venture with Zhongrong International Trust Co. (ZRT) in China.
Registered and principally located in Beijing, the joint venture SSGA Fund Management, will provide domestic China fund management activities including launching and managing securities investment funds for retail, high net worth and institutional clients. ZRT holds 51% of the company shares and State Street Global Advisors Asia holds 49%. SSGA’s initial financial contribution is expected to be approximately US$50 million.
The China Securities Regulatory Commission has approved the appointments of Gui Songlei as chairman of the joint venture board, Wang Yao as inspector general and Li Xuesong as general manager. Mr. Li will be responsible for the day-to-day management of the joint venture. He graduated from Hiroshima University of Economics with a Master’s Degree in economics and has 20 years of experience in the financial industry. He joins from Bosera Fund Management where he was deputy general manager for more than a decade.
Scott Powers, president and CEO of SSGA said, “Building on our presence in Beijing, our goal is to continue to provide solutions to meet the unique and evolving challenges facing Chinese investors with industry-leading research and an experienced team of professionals.”
Li Xuesong of SSGA Fund Management added, “We aim to be a trusted partner to investors in China by providing solutions and guidance to help our clients preserve and grow their business.”
State Street established its first China-based office in Beijing in 2005, and was granted a branch license from the China Banking Regulatory Commission in 2011. In Hangzhou, State Street established a wholly-owned subsidiary – State Street Technology Zhejiang in 2005 to develop technology services as well as business support services to support China’s financial services infrastructure. Today, State Street has more than 1,350 professionals in China.
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